BULLETIN: The SEC has obtained an asset freeze against a Minnesota man in an alleged investment- and affinity-fraud scheme targeted at Indian-Americans and followers of the Hindu faith.

Amit V. Patel of Shoreview raised “at least $2.5 million from at least five individuals that he met in the Indian-American community and Hindu temples in Minnesota,” the SEC charged.

He also “received millions of dollars more from dozens of other individuals.,” the SEC said, alleging that “Patel took advantage of his cultural affinity and shared religious heritage with his victims, and exploited their trust in his standing in the community.”

Patel was deemed “a danger to the investing public” by the SEC.

U.S. District Judge Joan N. Ericksen of the District of Minnesota has issued a temporary restraining order against Patel and an order freezing all assets under his control.

Patel, whom the SEC described as an unemployed engineer, employed a strategy known as Iron Condor that led to a loss of almost all of investors’ money.